As per regulatory filings with the Ministry of Corporate Affairs, Ola has declared that it suffered a loss of $360 Mn (INR 2,313.66 cr) in FY16.

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Last year, Ola had reported a loss of about $123.9 Mn (INR 796 cr).

As per experts, the reason for Ola's growing losses is the attempt to compete with the US-based rival Uber.

ANI Technologies Pvt Ltd, the parent company of Ola has claimed that its consolidated revenue has increased to Rs 758 crore in the year ended March 2016. A year ago, this figure stood at Rs 103.8 crore.

So how did Ola earn?

The company's operating revenue was Rs 438.6 crore. Other income including interest on fixed deposits and other investments was Rs 256.4 crore. The company's revenue from commissions has been Rs 357.5 crore while the income from lease rentals is Rs 51.2 crore. Incidentally, Ola also gained Rs 70.2 crore from trip time fares.

And where did Ola spend?

The company's total expenditure for the year has been Rs 3,078.19 crore. However, the figure had stood at Rs 899.7 crore in the previous year. As per the company's filings, the employee costs of the company, which has about 5,000 employees, have increased by more than five times and shot up to Rs 379 crore. The company has spent Rs 385.5 crore on advertising and sales promotion.

The extensive spending on advertising is also indicative of the company's aggressive attempts to take on the arch-rival Uber. Uber, with a worldwide presence has been steadily expanding in Indian markets.